A complete way to nail 'Source of fund' dilemma!

[anujgupta84]

Hello Anujgupta84:

I have prepared following as proof of funds, kindly check and tell me if something is missing:

1- Cross Cheque from my mother to transfer money from her account to mine.
2- Stamped Paper Gift Deed.
3- Stamped Paper Affidavit.
4- Her stamped official bank statement showing transfer of money from her account to mine.
5- My Stamped official bank statement showing money in my account from my mother's account.
6- Signed and Stamped Bank Balance Certificate.
7- Letter of Explanation with explanation of everything like transfer of money and getting money and about gift deed etc.
8- Net worth certificate from one of very famous international chartered accountant firms to show my both parent's net worth (obtained net worth certificates for each parent) as well as mine.


I am waiting for ITA as I have been nominated by Ontario.
kindly will you please share the checklist of documents which I have to produce for CIC, so I can start to prepare my application from now.
Also please tell me that do I have to merge all documents OR make portfolio?

Thanks

It's absolutely perfect!! You don't need anything else.

Just roll it all into one pdf and put LOE at the beginning. Don't forget to sign the LOE.

 

[vivekskumar8544]

Hi Everyone,

I have an FD of 20K CAD for my POF which was started on August 2015.

Apart from the FD details and statement from the bank, do i have to show them any other documents?

Also i have PF of around 800 CAD.

The FD was started by taking a mortgage loan from my property.

Help would be highly appreciable

Thanks

 

[anujgupta84]

Hi Everyone,

I have an FD of 20K CAD for my POF which was started on August 2015.

Apart from the FD details and statement from the bank, do i have to show them any other documents?

Also i have PF of around 800 CAD.

The FD was started by taking a mortgage loan from my property.

Help would be highly appreciable

Thanks

Don't use PF unless the amount is present/transferred in your account. You already have 20k, why use 800!
You have all the papers pertaing to the Property and loan deal?

 

[vivekskumar8544]

The property is in my name, which was given by my dad as a gift. On that property i have taken the mortgage loan and invested the required amount in FD. What is the use of having property and loan documents. CIC had mentioned, i should not borrow it from anyone right. So its a kind of borrow from Bank right. I have all the documents of the property and the loan, but if i say the amount in FD is from loan, will they accept it as POF. Could you please help me out.

 

[anujgupta84]

The property is in my name, which was given by my dad as a gift. On that property i have taken the mortgage loan and invested the required amount in FD. What is the use of having property and loan documents. CIC had mentioned, i should not borrow it from anyone right. So its a kind of borrow from Bank right. I have all the documents of the property and the loan, but if i say the amount in FD is from loan, will they accept it as POF. Could you please help me out.

As far as I am concerned, they won't accept it. The funds should not have been initiated from any loan, that's what I am aware of.

All I can say is had you sold the property, and have these funds as POF, you would have been absolutely fine. Because property is in your name and you can use it the way you want ie, sell, rent, etc.

The money you have currently needs to be returned back, right? So, it can't be deemed yours. CIC doesn't accept any property valuation figures too. Please ask experts and even share their responses with us.

 

[cyronn]

The property is in my name, which was given by my dad as a gift. On that property i have taken the mortgage loan and invested the required amount in FD. What is the use of having property and loan documents. CIC had mentioned, i should not borrow it from anyone right. So its a kind of borrow from Bank right. I have all the documents of the property and the loan, but if i say the amount in FD is from loan, will they accept it as POF. Could you please help me out.

The money for Proof of Funds needs to be unencumbered. Simply it means you shouldn't have to give it back to anyone. This is because you will need this money to settle in in Canada when you do get your PR and move. A mortgage on your own property is still a loan which you need to repay, so it cannot be used as Proof of Funds. As anujgupta84 mentioned, if you had sold your house and kept the money from house sale in FD, it is completely acceptable. Find another source of showing the required proof of funds as most probably your current arrangement will get rejected.
On a related note: Provident Fund money is accepted. Google for it, there are email confirmations to other forum members by CIC that provident funds can be shown as proof of funds.

 

[alex_dinou]

Why not include a daily transaction (atleast) in your bank account .... random debit-credit (few hundred bucks). This way you would have close to 50 transactions for the period from now till your submission date. Use your 3-4 cheques, do few online shopping ... This way you will have some transactions in the statement to show and it would prove to the VO that the account is perfectly normal after the dormancy was revoked...
Making sense? All the best..

If we want to provide these daily transactions to CIC, do we need to translate them since they are issued in a native language? I have some 7 pages of daily transactions over the past six months.

 

[hidemyass]

Hi anujgupta84, I have been following your threads from the very beginning and its really helpful and handy.

I also got ITA this month. But regarding the proof of funds. I already deposited the necessary fund, but lately around 4 lacs INR was deposited into my account by myself to make it equivalent to necessary fund defined by CIC. Can I show this money as a gift received in cash from my parents? Actually this is my own money which I have lend to my friends, and this month I received in cash.

Everything is my own fund. I just received everything in cash. So there is not any bank transactions for solid proof.

Do you have any suggestions how I can proceed here? My statement will show a large sum being deposited recently, and I think it might raise some doubt in the mind of visa officer.


It would be great if you could provide some help in this matter.

 

[Tishfaith]

Hi,


I have a question as it pertains to the following:

If you are applying for permanent residence in Canada, you must provide an official letter issued by your financial institution indicating your financial profile. This
must:

•list of all your bank (chequing and savings) and investment accounts, the account numbers, dates each account was opened and the balance of each account
over the past six months,

I see people on the forum referring to average balance. Can we just get the current balance and the balance at the end of each of the last 6 months in the same letter ????


Thanks

 

[Asivad Anac]

Hi,


I have a question as it pertains to the following:

If you are applying for permanent residence in Canada, you must provide an official letter issued by your financial institution indicating your financial profile. This
must:

•list of all your bank (chequing and savings) and investment accounts, the account numbers, dates each account was opened and the balance of each account
over the past six months,

I see people on the forum referring to average balance. Can we just get the current balance and the balance at the end of each of the last 6 months in the same letter ????


Thanks

That would work as well.

 

[Asivad Anac]

Hi anujgupta84, I have been following your threads from the very beginning and its really helpful and handy.

I also got ITA this month. But regarding the proof of funds. I already deposited the necessary fund, but lately around 4 lacs INR was deposited into my account by myself to make it equivalent to necessary fund defined by CIC. Can I show this money as a gift received in cash from my parents? Actually this is my own money which I have lend to my friends, and this month I received in cash.

Everything is my own fund. I just received everything in cash. So there is not any bank transactions for solid proof.

Do you have any suggestions how I can proceed here? My statement will show a large sum being deposited recently, and I think it might raise some doubt in the mind of visa officer.


It would be great if you could provide some help in this matter.

This sudden influx of funds will need an explanation. And CIC won't just take your word for it. It has to be backed by some kind of document proof. The proof can even include any documents that prove you lent money to a friend and they returned it to you after some time. That can include a sworn affidavit from your friend along with other evidence. What isn't acceptable is your assertion, in isolation, that this money isn't a loan - you'll need evidence to back that assertion.

 

[ReddyCan]

How would you prove your parents supported you? This would be proven by Gift deed and Bank statements.

CIC has given you a very subjective sentence as the 3rd point. So, put in everything that adds value to your case.

Gift deed, Bank statements (Parents and yours), LOE, affidavit and Net worth certificates (yours and your family) will cover all the basis if you ask me.

Anuj/Asivad – Just few more questions in regards to my above query:

1. I have now registered for 1 year course ( 2 semesters) and paid first semester tuition fees and I will submit the proof of payment receipt to VO and remaining to pay is $6500 CAD. So the question is – Is it OK if my father deposits an amount of $10k or should it be more or exactly $6500 CAD ( Currently, I have a total of $10k CAD in my Canadian bank account where I initially submitted $16k with a dependent and visa officer (VO) was satisfied that would cover my settlement costs )

Note: Reason for changing course from 2 years to 1 year – The day when PNP VO queried was on Oct 13th (Course registration due date was on Oct 8th) where I was awaiting for my wife’s work permit visa approval from CIC since 2 months ( Aug, 13th)and replied to PNP VO that I would be registering in college Once I hear some good news of my wife’s visa OR I may leave the country (Deeply regretting for saying that) OR provide all the supporting documents if things go smoothly – I’m thinking of submitting wife’s visa rejection letter to avoid another query from VO

2. Gift deed – should my father make an irrevocable cheque and deposit to my Canadian bank account OR just make a cheque and state that the cheque would be used LATER when paying the second semester fees ( Feb, 2016). – No idea how cheque’s work in general. Please help with this ignorance.
3. Gift deed document – Could my father sign the document and send scan copy to me so that I can sign and submit to VO or should my father sign and send the original doc via mail ??
4. Financial net worth of parents – they do have a ‘Fixed deposit’ of 10 lacs Indian rupees ( $20k CAD) – Would this sufficient to show net worth?

Thank you in Advance !

 

[fdiwisha]

Hello anujgupta81
I need your help please i received an ITA in 2nd of october and i want to submitt my application.
I have some troubles with thr proof of funds.
I want to present those documents but i dont know if they will accept it or not,

My sisteur will give me: 1700 cad
My own saving: 1600 cad
My saving from october saalry: 2000 cad
Stocks : 4400 cad
Value of my car by an expert (i have a report) : 2200
I want to add that i have a complementary retirement that i can have at any time and that is worth 6000 dollars

Thank you for your help

 

[anujgupta84]

Anuj/Asivad – Just few more questions in regards to my above query:

1. I have now registered for 1 year course ( 2 semesters) and paid first semester tuition fees and I will submit the proof of payment receipt to VO and remaining to pay is $6500 CAD. So the question is – Is it OK if my father deposits an amount of $10k or should it be more or exactly $6500 CAD ( Currently, I have a total of $10k CAD in my Canadian bank account where I initially submitted $16k with a dependent and visa officer (VO) was satisfied that would cover my settlement costs )

Any amount is fine as long as it's more than CIC's requirement

Note: Reason for changing course from 2 years to 1 year – The day when PNP VO queried was on Oct 13th (Course registration due date was on Oct 8th) where I was awaiting for my wife’s work permit visa approval from CIC since 2 months ( Aug, 13th)and replied to PNP VO that I would be registering in college Once I hear some good news of my wife’s visa OR I may leave the country (Deeply regretting for saying that) OR provide all the supporting documents if things go smoothly – I’m thinking of submitting wife’s visa rejection letter to avoid another query from VO

2. Gift deed – should my father make an irrevocable cheque and deposit to my Canadian bank account OR just make a cheque and state that the cheque would be used LATER when paying the second semester fees ( Feb, 2016). – No idea how cheque’s work in general. Please help with this ignorance.

Gift deed is for the transaction that has already happened. It cannot state any future transfers.


3. Gift deed document – Could my father sign the document and send scan copy to me so that I can sign and submit to VO or should my father sign and send the original doc via mail ??

e-mail is just as good.
4. Financial net worth of parents – they do have a ‘Fixed deposit’ of 10 lacs Indian rupees ( $20k CAD) – Would this sufficient to show net worth?

The purpose of Net worth is to let VO understand that your parents can survive easily without the money they gave to their children.
Thank you in Advance !

 

[anujgupta84]

Hello anujgupta81
I need your help please i received an ITA in 2nd of october and i want to submitt my application.
I have some troubles with thr proof of funds.
I want to present those documents but i dont know if they will accept it or not,

My sisteur will give me: 1700 cad
My own saving: 1600 cad
My saving from october saalry: 2000 cad
Stocks : 4400 cad
Value of my car by an expert (i have a report) : 2200
I want to add that i have a complementary retirement that i can have at any time and that is worth 6000 dollars

Thank you for your help

Nothing else but the funds in your Bank account or FD can be used as POF. No asset/Property valuation is acceptable. Sell assets, have the money in account and then show it as a POF.